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Japan enacts 13.9 tril. yen extra budget

Japan's parliament enacts a 13.9 trillion yen ($90 billion) supplementary budget for the current fiscal year through next March with its passage through the House of Councillors in Tokyo on Dec. 17, 2024.

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Japan enacts 13.9 tril. yen extra budget

Japan's parliament enacts a 13.9 trillion yen ($90 billion) supplementary budget for the current fiscal year through next March with its passage through the House of Councillors in Tokyo on Dec. 17, 2024.

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Japan enacts 13.9 tril. yen extra budget

Japanese Prime Minister Shigeru Ishiba bows as the parliament enacted a 13.9 trillion yen ($90 billion) supplementary budget for the current fiscal year through next March with its passage through the House of Councillors in Tokyo on Dec. 17, 2024.

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Japan enacts 13.9 tril. yen extra budget

Japanese Prime Minister Shigeru Ishiba bows as the parliament enacted a 13.9 trillion yen ($90 billion) supplementary budget for the current fiscal year through next March with its passage through the House of Councillors in Tokyo on Dec. 17, 2024.

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Kanji for "tax" chosen to symbolize Japan's social mood in 2023

KYOTO, Japan Kyodo - Seihan Mori, chief Buddhist priest of Kiyomizu temple in Kyoto, writes the kanji character "zei," meaning tax, with a calligraphy brush on Dec. 12, 2023. The character was selected as the best single kanji to symbolize the national mood for the year as tax-related issues hit headlines, including the government's temporary income tax cut of 40,000 yen per person planned next fiscal year. (Kyodo)

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Kanji for "tax" chosen to symbolize Japan's social mood in 2023

Seihan Mori, chief Buddhist priest of Kiyomizu temple in Kyoto, writes the kanji character "zei," meaning tax, with a calligraphy brush on Dec. 12, 2023. The character was selected as the best single kanji to symbolize the national mood for the year as tax-related issues hit headlines, including the government's temporary income tax cut of 40,000 yen per person planned next fiscal year.

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Egypt plans to drill 35 new gas wells to increase production

STORY: Egypt plans to drill 35 new gas wells to increase production DATELINE: Aug. 30, 2023 LENGTH: 00:00:53 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Petroleum Ministry headquarters in Cairo 2. a shot of Egypt's Minister of Petroleum and Mineral Resources, Tarek El-Molla 3. various of production equipment pieces of a Zohr gas field STORYLINE: Egypt is planning to drill 35 new natural gas wells in the Mediterranean Sea and the Nile Delta in the next two fiscal years to boost its natural gas production, the Egyptian Cabinet said in a statement on Tuesday. The country already drilled ten natural gas wells during the fiscal year 2022-2023, which ended on June 30, 2023, the statement quoted Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla as saying. The offshore drillings have made a number of discoveries, including the finding of the Nargis-1 exploration well in the eastern Mediterranean, which holds about 2.5 trillion cubic feet of natural gas, it added. El-Molla

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Press conference of Finance Ministry

24.08.2023, Tallinn. The ministry is forecasting a recession of 2 percent this year, but 2.7 percent economic growth next year. Inflation, meanwhile, is expected to slow to 9.6 percent this year, 4.6 percent next year and 2.5 percent in 2025. This forecast will be used by the Estonian government as the basis for drawing up the 2024 state budget bill. The prognosis was introduced by Minister of Finance Mart Võrklaev, Raoul Lättemäe, director of the ministry's Fiscal Policy Department and Kadri Klaos, director of the ministry's Public Finance Service. Photo: Sander Ilvest, Postimees

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Press conference of Finance Ministry

24.08.2023, Tallinn. The ministry is forecasting a recession of 2 percent this year, but 2.7 percent economic growth next year. Inflation, meanwhile, is expected to slow to 9.6 percent this year, 4.6 percent next year and 2.5 percent in 2025. This forecast will be used by the Estonian government as the basis for drawing up the 2024 state budget bill. The prognosis was introduced by Minister of Finance Mart Võrklaev, Raoul Lättemäe, director of the ministry's Fiscal Policy Department and Kadri Klaos, director of the ministry's Public Finance Service. Photo: Sander Ilvest, Postimees

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Press conference of Finance Ministry

24.08.2023, Tallinn. The ministry is forecasting a recession of 2 percent this year, but 2.7 percent economic growth next year. Inflation, meanwhile, is expected to slow to 9.6 percent this year, 4.6 percent next year and 2.5 percent in 2025. This forecast will be used by the Estonian government as the basis for drawing up the 2024 state budget bill. The prognosis was introduced by Minister of Finance Mart Võrklaev, Raoul Lättemäe, director of the ministry's Fiscal Policy Department and Kadri Klaos, director of the ministry's Public Finance Service. Photo: Sander Ilvest, Postimees

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Press conference of Finance Ministry

24.08.2023, Tallinn. The ministry is forecasting a recession of 2 percent this year, but 2.7 percent economic growth next year. Inflation, meanwhile, is expected to slow to 9.6 percent this year, 4.6 percent next year and 2.5 percent in 2025. This forecast will be used by the Estonian government as the basis for drawing up the 2024 state budget bill. The prognosis was introduced by Minister of Finance Mart Võrklaev, Raoul Lättemäe, director of the ministry's Fiscal Policy Department and Kadri Klaos, director of the ministry's Public Finance Service. Photo: Sander Ilvest, Postimees

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Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister

STORY: Egypt's gross public debt up by 13.1 pct of GDP in FY 2022-23: finance minister DATELINE: Aug. 11, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Cabinet of Ministers 2. various of Ministry of Finance 3. various of Egypt's Finance Minister Mohamed Maait speaking STORYLINE: Egypt's Finance Minister Mohamed Maait said on Thursday the country's gross public debt, the financial liabilities of the government sector, climbed by 13.1 percent to reach 95.6 percent of the GDP in the fiscal year 2022-2023 that ended in June. In a statement, Maait attributed the rise to "fluctuation in the currency exchange rate and decline of the local currency against the U.S. dollars." "The government targets taking the gross debt down to 80 percent of the GDP in the next four years," Maait was quoted as saying in the statement. It added that despite international unfavorable conditions that have driven up the prices of most strategic commodities due to supply chain disruptions that resul

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Nepal to focus on digital economy: PM

STORY: Nepal to focus on digital economy: PM DATELINE: June 24, 2023 LENGTH: 00:01:03 LOCATION: Kathmandu CATEGORY: ECONOMY SHOTLIST: 1. various of Huawei Mobile Nepal Congress & Digital Nepal Conclave 2023 2. various of Nepali Prime Minister Pushpa Kamal Dahal speaking 3. various of attendees STORYLINE: Nepali Prime Minister Pushpa Kamal Dahal said on Friday that his government had prioritized the development of the digital economy and digital services to improve the service delivery to people. "The government has allocated 1 percent of the total development budget for innovation and start-up for the next 2023-24 fiscal year," Dahal said at a digital conference held by Huawei Nepal in Kathmandu. Dahal noted that the budgetary allocation was increased to encourage Nepali youth to focus on innovation and work to develop hardware and software to meet needs at home. Nepal has also lowered the threshold of foreign direct investment in information and communication technologies to about 153,000 U.S. dollars

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U.S.-WASHINGTON, D.C.-BIDEN-BUDGET PROPOSAL

(230310) -- WASHINGTON, March 10, 2023 (Xinhua) -- U.S. President Joe Biden walks on the South Lawn to board Marine One at the White House in Washington, D.C., the United States, March 9, 2023. U.S. President Joe Biden announced his budget proposal for the next fiscal year on Thursday. TO GO WITH "Biden announces budget plan for fiscal year 2024" (Photo by Ting Shen/Xinhua)

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U.S.-WASHINGTON, D.C.-BIDEN-BUDGET PROPOSAL

(230310) -- WASHINGTON, March 10, 2023 (Xinhua) -- U.S. President Joe Biden walks on the South Lawn to board Marine One at the White House in Washington, D.C., the United States, March 9, 2023. U.S. President Joe Biden announced his budget proposal for the next fiscal year on Thursday. TO GO WITH "Biden announces budget plan for fiscal year 2024" (Photo by Ting Shen/Xinhua)

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U.S.-WASHINGTON, D.C.-BIDEN-BUDGET PROPOSAL

(230310) -- WASHINGTON, March 10, 2023 (Xinhua) -- U.S. President Joe Biden walks on the South Lawn to board Marine One at the White House in Washington, D.C., the United States, March 9, 2023. U.S. President Joe Biden announced his budget proposal for the next fiscal year on Thursday. TO GO WITH "Biden announces budget plan for fiscal year 2024" (Photo by Ting Shen/Xinhua)

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Gov't panel members foresee real 2.2% growth in FY 2008

TOKYO, Japan - Prime Minister Shinzo Abe (2nd R) chairs a meeting of the Council on Economic and Fiscal Policy at his official residence on Aug. 6. Private-sector members of the key governmental economic panel unveiled their estimate for Japan's macroeconomic conditions in the next fiscal year starting in April 2008, forecasting a real 2.2 percent growth from the previous year.

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Japan Post to list shares along with banking, insurance arms

TOKYO, Japan - Taizo Nishimuro, president of Japan Post Holdings Co., attends a press conference in Tokyo on Dec. 26, 2014. The company said it will list its shares sometime after the middle of the next fiscal year starting in April, together with those of its banking and insurance arms, in one of the biggest stock listings in the country.

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Japan, U.S. business chiefs urge sales tax hike to 10%

TOKYO, Japan - Kunio Ishihara (L), counselor at Tokio Marine & Nichido Fire Insurance Co., and John Lechleiter, chief executive officer of pharmaceutical firm Eli Lilly and Co., shake hands at a Tokyo hotel on Nov. 14, 2014, after a press conference following an annual meeting of the Japan-U.S. Business Conference. The business leaders urged Japan's government to increase the consumption tax rate to 10 percent next year as planned to secure its commitment to fiscal rehabilitation.

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Japan, U.S. business chiefs urge sales tax hike to 10%

TOKYO, Japan - Kunio Ishihara (L), counselor at Tokio Marine & Nichido Fire Insurance Co., and John Lechleiter, chief executive officer of pharmaceutical firm Eli Lilly and Co., attend a press conference at a Tokyo hotel on Nov. 14, 2014, following an annual meeting of the Japan-U.S. Business Conference. The business leaders urged Japan's government to increase the consumption tax rate to 10 percent next year as planned to secure its commitment to fiscal rehabilitation.

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Decision on additional tax hike to come in early Dec.: Amari

TOKYO, Japan - Photo taken July 18, 2014, in Tokyo shows economy and fiscal policy minister Akira Amari, who took part in an interview with Kyodo News. He said Prime Minister Shinzo Abe will decide in early December whether to raise the consumption tax to 10 percent next year.

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Decision on additional tax hike to come in early Dec.: Amari

TOKYO, Japan - Photo taken July 18, 2014, in Tokyo shows economy and fiscal policy minister Akira Amari, who took part in an interview with Kyodo News. He said Prime Minister Shinzo Abe will decide in early December whether to raise the consumption tax to 10 percent next year.

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Amari vows to cut Japan's corporate tax rate below 30% within 5 yrs

TOKYO, Japan - Economic and fiscal policy minister Akira Amari attends a press conference in Tokyo on July 3, 2014. He pledged to cut Japan's 35 percent effective corporate tax rate to below 30 percent within five years from the next fiscal year starting April 2015.

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Farm minister on whaling

TOKYO, Japan - Agriculture, Forestry and Fisheries Minister Yoshimasa Hayashi answers reporters' questions at the ministry in Tokyo on April 18, 2014. The minister was quizzed about the government's decision to aim to resume whaling in the Antarctic from next fiscal year.

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Medium-term fiscal plan

TOKYO, Japan - Economic and fiscal policy minister Akira Amari holds a press conference in Tokyo after attending a meeting of the Council on Economic and Fiscal Policy. The government started discussions to map out its medium-term fiscal rehabilitation plan and draft an initial budget for the next fiscal year.

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Medium-term fiscal plan

TOKYO, Japan - A meeting of the Council on Economic and Fiscal Policy is held at the prime minister's office in Tokyo on July 30, 2013. The government started discussions to map out its medium-term fiscal rehabilitation plan and draft an initial budget for the next fiscal year.

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U.S. Sens. Levin, McCain on defense bill

WASHINGTON, United States - U.S. Sen. Carl Levin (L), chairman of the Senate Armed Services Committee, and committee member Sen. John McCain, hold a press conference on Capitol Hill in Washington on May 24, 2012, to discuss the National Defense Authorization Act for fiscal year 2013. The U.S. Senate has effectively rejected for a second-straight year funding for the planned partial transfer of U.S. Marines stationed in Japan's Okinawa Prefecture to Guam, as the committee cut the entire $26 million requested for the transfer while approving next fiscal year's defense budget earlier in the day.

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NEC's next-generation wireless business

TOKYO, Japan - Photo shows a plant for next-generation Long Term Evolution wireless access systems at an NEC Corp. subsidiary in Fukushima city on Jan. 20, 2011. NEC said that day it aims at 70 billion yen in sales of the systems in the fiscal year starting in April 2012.

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Nagoya to cut local income tax by 10%

NAGOYA, Japan - Nagoya Mayor Takashi Kawamura salutes citizens in the city's assembly room on Dec. 22, 2009, after the assembly enacts an ordinance sponsored by the outspoken leader to cut local taxes by 10 percent in fiscal 2010. Nagoya and Handa, both in Aichi Prefecture, are the first cities to pass ordinances for cuts in local income tax in the next fiscal year starting April.

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FY 2008 sales seen falling 21% at Nagoya's Midland Square mall

NAGOYA, Japan - This photo taken Feb. 10 shows the Midland Square in front of JR Nagoya Station in Aichi Prefecture. Sales at the Midland Square mall in fiscal 2008 ending next month are estimated to decline 21.7 percent from the previous year to 18 billion yen as the current recession has been affecting luxury product sales.

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Panasonic expects 380 bil. yen annual loss

TOKYO, Japan - Makoto Uenoyama, director of Panasonic Corp., briefs reporters on a projection about the company's group business results for fiscal 2008 during a press conference in Tokyo on Feb. 4. Panasonic expects to incur 380 billion yen in group net loss for the business year ending next month.

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Panasonic expects 380 bil. yen annual loss

TOKYO, Japan - Makoto Uenoyama, director of Panasonic Corp., briefs reporters on a projection about the company's group business results for fiscal 2008 during a press conference in Tokyo on Feb. 4. Panasonic expects to incur 380 billion yen in group net loss for the business year ending next month.

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Lower house set to pass 2nd extra budget Tuesday, DPJ not to vote

TOKYO, Japan - Prime Minister Taro Aso speaks at a session of the House of Representatives Budget Committee in Tokyo on Jan. 9. Executives of the lower chamber's committees decided on a schedule for the lower house to pass a government-proposed second extra budget for the current fiscal year next Tuesday.

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Lower house set to pass 2nd extra budget Tuesday, DPJ not to vote

TOKYO, Japan - Yukio Edano from the main opposition Democratic Party of Japan asks questions to Prime Minister Taro Aso in a session of the House of Representatives Budget Committee in Tokyo on Jan. 9. Executives of the lower chamber's committees decided on a schedule for the lower house to pass a government-proposed second extra budget for the current fiscal year next Tuesday.

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Fukuda suggests no hike in consumption tax rate in FY 2008

TOKYO, Japan - Prime Minister Yasuo Fukuda speaks to reporters at the prime minister's office in Tokyo on Nov. 15. Fukuda suggested that the government will not raise the consumption tax rate, currently set at 5 percent, in the next fiscal year starting in April 2008.

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Secom unveils security robot to scare away intruders

TOKYO, Japan - Security service provider Secom Co. on July 22 unveiled a security robot (L) that can run as fast as humans and scare away intruders by spraying white smoke. The Secom Robot X is designed for use at spacious places such as airports and factories and will be leased for 300,000 yen per month, starting next fiscal year, Secom said. The four-wheeled robot is about one meter long and high and weighs 120 kilograms.

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Mizuho in black in 1st half, expects losses for full year

TOKYO, Japan - Mizuho Holdings Inc. President Akinobu Maeda (2nd from L, front), surrounded by reporters, announces in Tokyo on Nov. 25 that his banking group returned to the black in the fiscal first half to Sept. 30 but expects losses for the full fiscal 2002 through next March 31.

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Nippon Meat cuts earnings forecast due to beef-labeling scam

OSAKA, Japan - Nippon Meat Packers Inc. President Yoshikiyo Fujii (L) tells a news conference on Sept. 20 that the company, rocked by a beef-labeling scandal, has cut its group earnings forecast for the fiscal first half to Sept. 30 and the full year to next March 31 as the scandal dealt a blow to sales and profits.

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Toshiba to terminate commodity DRAM business

TOKYO, Japan - Toshiba Corp. President Tadashi Okamura announces at a press conference in Toshiba's head office in Tokyo's Minato Ward on Dec. 18 that the company will pull out of commodity dynamic random access memory (DRAM) chips next year in a reorganization aimed at securing profitability in its semiconductor business in fiscal 2002.

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Sumitomo Mitsui Banking to fall into red

TOKYO, Nov. 21 Kyodo - Sumitomo Mitsui Banking Corp. (SMBC) President Yoshifumi Nishikawa (R) speaks at a media briefing Nov. 21, 2001. He said SMBC will likely plunge into the red for the fiscal year to next March 31 as it will sharply raise the amount of loan-loss charges to accelerate its efforts to dispose of bad loans.

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Tanaka gives up N.Y. trip, will focus on budget debate

TOKYO, Japan - Foreign Minister Makiko Tanaka (L) and Chief Cabinet Secretary Yasuo Fukuda listens to debates during a House of Representatives plenary session Nov. 9, 2001. Tanaka said she will ''give her all'' to next week's Diet deliberations on a supplementary budget for the current fiscal year, leaving Japan's participation in international conferences on in New York to others.

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Sony cuts earnings forecast

TOKYO, Japan - Sony Corp. Chairman and CEO Nobuyuki Idei announces a downward revision of group earnings forecast for the fiscal year through next March 31 at a news conference in Tokyo on Sept. 28. The leading consumer electronics maker said it now expects a net profit of 10 billion yen, down from a projection in July of a 90 billion yen profit.

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Murder victim featured in school guidebook

URAWA, Japan - A female university student, the victim of a fatal stalking case in Saitama Prefecture in October last year, is featured in a photo (bottom left) in her school's new guidebook as a student hard at work in a classroom. The photo of Shiori Ino, a 21-year-old student at Atomi College, appears in the women's college's Guidebook 2001 for the next fiscal year starting in April.

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ADB cuts India's GDP growth forecast to 7 pct

STORY: ADB cuts India's GDP growth forecast to 7 pct DATELINE: Sept. 22, 2022 LENGTH: 0:01:30 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the India gate 2. various of the local markets 3. various of fuel station 4. various of traffic STORYLINE: The Asian Development Bank (ADB) on Wednesday cut down India's gross domestic product (GDP) growth projection to 7 percent for the remaining part of the current fiscal year (April 2022-March 2023), from 7.5 percent estimated in April. Terming it as a "modest downward revision," the ADB cited "higher-than-anticipated inflation and monetary tightening" as the reasons for the cut in its GDP projection for India. The ADB also raised its inflation forecast for India to 6.7 percent. It said that private consumption will be affected by higher inflation eroding consumer purchasing power even though consumer confidence continues to improve. "Sticky core inflation will adversely impact spending over the next two years if wages fail to adjust,

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Egypt to invest 45.9 bln EGP in health services next fiscal year

STORY: Egypt to invest 45.9 bln EGP in health services next fiscal year DATELINE: May 10, 2022 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY/HEALTH SHOTLIST: 1. various of hospitals in Egypt STORYLINE: Egyptian Minister of Planning and Economic Development Hala Al-Saeed confirmed on Monday that the investments of health services in the sustainable development plan 2022/2023 amounted to 45.9 billion Egyptian pounds (around 2.48 billion U.S. dollars). She said the funds will establish and develop 94 hospitals, 480 health units, and 1,500 intensive care beds, with a focus on the governorates of Qena, Buhaira, Suez and Giza. The minister revealed that the funds will be used to complete the establishment and development of 29 hospitals, seven university hospitals, and 52 integration hospitals within the framework of the Egyptian Family Development Projects. The statement came during the plenary session of the House of Representatives chaired by Counselor Hanafi Jabali on the sustainable development plan

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Fitch slashes India's 2022-23 growth estimate to 8.5 pct

STORY: Fitch slashes India's 2022-23 growth estimate to 8.5 pct DATELINE: March 23, 2022 LENGTH: 0:01:46 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the streets in New Delhi STORYLINE: Fitch Ratings on Tuesday slashed India's growth forecast for the next fiscal to 8.5 percent from an estimate of 10.3 percent last December. The global rating agency has revised the gross domestic product growth forecast upwards for the current fiscal by 0.6 percentage points to 8.7 percent. "However, we have lowered our growth forecast for FY 2022-2023 to 8.5 percent (-1.8 pp) on sharply higher energy prices," Fitch said while revising up its inflation forecasts. Fitch sees inflation in the country could peak up to 7 percent in the third quarter this year, well above the Reserve Bank of India's upper tolerance limit of 6 percent. In its Global Economic Outlook-March 2022, Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth an

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President Biden Returns To The White House - Washington

U.S. President Joe Biden walks across the Ellipse near the White House after exiting Marine in Washington, DC, USA on Thursday, May 27, 2021. Biden is set to unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year, with annual deficits of more than $1.3 trillion over the next decade, according to documents cited by the New York Times. Photo by Al Drago/Pool/ABACAPRESS.COM

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President Biden Returns To The White House - Washington

U.S. President Joe Biden removes his protective mask as he walks across the Ellipse near the White House after exiting Marine in Washington, DC, USA on Thursday, May 27, 2021. Biden is set to unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year, with annual deficits of more than $1.3 trillion over the next decade, according to documents cited by the New York Times. Photo by Al Drago/Pool/ABACAPRESS.COM

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President Biden Returns To The White House - Washington

U.S. President Joe Biden walks across the Ellipse near the White House after exiting Marine in Washington, DC, USA on Thursday, May 27, 2021. Biden is set to unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year, with annual deficits of more than $1.3 trillion over the next decade, according to documents cited by the New York Times. Photo by Al Drago/Pool/ABACAPRESS.COM

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President Biden Returns To The White House - Washington

U.S. President Joe Biden walks across the Ellipse near the White House after exiting Marine in Washington, DC, USA on Thursday, May 27, 2021. Biden is set to unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year, with annual deficits of more than $1.3 trillion over the next decade, according to documents cited by the New York Times. Photo by Al Drago/Pool/ABACAPRESS.COM